• Justin Sun, co-founder of Ethereum and Tron, has recently moved over $281 million worth of tokens since Jan. 16.
• The transactions include a swap on decentralized exchange 1inch Network, several interactions with DeFi protocol Aave, Binance, and Compound, and to a null address.
• The most notable transfers are three transactions sent to Circle, worth a total of nearly $113 million.
Justin Sun, co-founder of the prominent blockchain networks Ethereum and Tron, has recently moved a considerable amount of tokens, totaling over $281 million. This activity has been tracked on blockchain analytics service Arkham Intelligence, showing transactions sent from or to Sun’s known wallets since Jan. 16.
It is important to note, however, that much of these transactions could have been the same assets being moved into Sun’s wallets and then immediately out. Despite this, the on-chain activity has certainly been of note, and the most notable of these transfers were three transactions sent to Circle alone, worth a total of nearly $113 million. All of these were processed on Jan. 18 and sent USD Coin (USDC) back to its issuer, with one transfer amounting to nearly $94 million, one for $10 million, and the last for nearly $9 million.
Apart from this, there have also been several other major transactions, including $10 million of USDC moved from Compound to Sun’s wallet, $94 million coming in from Binance, and more than $5 million of TrueUSD (TUSD) being sent and then deposited on Compound. Lastly, the account also moved $2 million of Binance USD (BUSD) and $2 of TUSD to Binance.
Overall, Sun’s on-chain activity since Jan. 16 has been quite noteworthy. It is unclear, however, what exactly is motivating the transfers, and what Sun’s plans are with the tokens. Whatever the case, Sun’s movement of tokens has certainly created a stir in the crypto community.